Sharekhan believes that the recent sharp correction in the stock price from its 52-week high of Rs 3,533 provides a good investment opportunity.
PI Industries
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PI Industries share price added over 3 percent intraday on November 15 after the company declared its September quarter earnings.
The agri-sciences company’s consolidated net profit was up 5.5 percent to Rs 229.60 crore on the back of a 17 percent jump in net sales to Rs 1,354.20 crore in the second quarter this year.
Its on-year revenue growth was driven primarily by 24 percent growth in exports contributed by strong volume growth in key products. Its domestic business growth, however, stayed flat because of global supply chain disruptions impacting imports and adverse weather events in certain herbicide geographies.
The company’s gross margin improved to 45 percent in the September 2021 quarter as against 44 percent a year ago. On a consolidated basis, EBITDA rose 4 percent to Rs 292 crore in Q2 FY22 from Rs 280 crore last year.
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The stock was trading at Rs 2,823.65, up Rs 85.70 or 3.13 percent, at 12:36pm. It has touched an intraday high of Rs 2,880 and an intraday low of Rs 2,747.70.
The scrip was trading with volumes of 23,805 shares, compared to its five-day average of 10,886 shares, an increase of 118.68 percent.
Research and broking firm Sharekhan has retained ‘buy’ on PI Industries with an unchanged target of Rs 3,900, an upside of 38 percent from current market price. It is of the view that the recent sharp correction in the stock price from its 52-week high of Rs 3,533 provides a good investment opportunity as the company’s strong balance sheet provides ample scope for organic and inorganic growth over the medium to long term.
“PI Industries’ earnings growth outlook remains robust, supported by a CSM order book of $ 1.4 billion and ramp-up of 6-7 products commercialised in last one year. Hence, we maintain a ‘buy’ rating on the stock with an unchanged target of Rs 3,900,” it added.
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